Published: Sat, May 27, 2017
Markets | By Terence Owen

Hindustan Petroleum March-quarter profit beats estimates

Hindustan Petroleum March-quarter profit beats estimates

Mumbai: Oil and Natural Gas Corporation Ltd, India's biggest hydrocarbon explorer, reported a 6 per cent fall in fourth-quarter net profit to Rs 4,340 crore ($673 million) hurt by a one-time provision.

The royalty payment was due after the Government agreed with the contention of Gujarat and Assam that the state-owned company should pay royalty on gross price for crude and not the net price it realised after paying for fuel subsidies.

Net profit rose to Rs 1,819 crore in the quarter ended March 31, from Rs 1,388 crore during year-earlier quarter on strong growth in revenue, the oil marketing company said in a press statement. During FY17, the company had budgetary support amounting to Rs 1,272.57 crore lower than Rs 1,761.26 crore of support in FY16.

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"Profit was higher as a result of better operating efficiencies, higher sales and inventory gains", Mukesh Kumar Surana, HPCL's chairman and managing director, said on Friday. Total income from operations of the company increased by 21.71% at Rs 59183.49 crore for quarter under review as compared to Rs 48625.27 crore for the quarter ended March 31, 2016.

For January-March period, the company reported 47.59 per cent increase in total expenditure at Rs 20,696.46 crore against Rs 14022.15 crore in the same period past year. Net realisation on crude oil produced from nominated fields was up 6.6 per cent at $50.27 per barrel and that from joint venture fields by 4 per cent at $44.09 a barrel.

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